Spreadex Market Update

European stocks recoup some losses despite continued Covid fears



The FTSE 100 is currently performing the best in Europe as it is up 1.44%, but the DAX and CAC are still in the green, +0.60% and +1.02% respectively.

After last Friday, where the FTSE lost over 3% thanks to new fears of the Omicron variant, it has now recovered some of those losses, even with many worried restrictions could be enforced again very soon, after cases found in the UK.

It is likely these gains are mainly from investors ‘buying the dip’, however, it must be said that BT shares increasing over 9% this morning, has given the FTSE a much-needed boost.

It came as The Economic Times reported that Reliance Industries, an Indian telecommunications conglomerate, is considering a bid for the UK company.

Although, these are only rumours, so could investors be getting slightly ahead of themselves, as if nothing comes of it, then the price will likely drop.

It is also worth mentioning, that due to this new Covid variant, the Bank of England will take this into consideration when deciding when to raise the interest rates, potentially leading them to delay it further, till February.

US stocks follow Europe in regaining some of the losses, as the DOW and S&P are up 0.31% and 0.98% respectively.

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